To maximise the impact of BO registers, it is important that users and authorities can trust that the representation of ownership in a register reflects the true reality of who owns or controls a particular company. Verification is a combination of checks and processes that help ensure that BO data is accurate and complete at a given point in time. Checks can be deployed at different stages in a declaration system with the aim of making data high quality and reliable in order to create confidence in a register and to maximise its utility and impact.
This OO Principle is particularly relevant in the following aspects of implementation. These correspond to steps in our Implementation Guide.
Presentations on “What we really mean when we talk about verification?” and “Implementation steps for beneficial ownership transparency”.
A guide to data quality and verification